Despite rising unemployment and the worst economic downturn in decades, Australia's richest keep on getting richer.
Property continues to be the main driver for wealth in this year's record-breaking Australian Financial Review Rich List with some familiar players and new entries capturing the top spots.
Meriton founder, “high-rise” Harry Triguboff, has retained his ranking as Australia's richest property player, and third richest person, sitting behind manufacturing and recycling boss Anthony Pratt and iron ore magnate Gina Rinehart.
The property tycoon has grown his wealth by 6 per cent in last 12 months to $13.54 billion dollars.
With close to to 4,000 apartments currently under construction, and a further 11,000 to be developed, Triguboff's burgeoning pipeline remains one of the biggest in Australia.
Hong Kong-based property developer Hui Wing Mau remains in the elite "ten-digit club", those with wealth exceeding $10 billion, having seen a 14.2 per cent lift in his fortunes over the year.
The chairman of Shimao Property amassed his wealth through residential, commercial and hotel projects across China as well as major commercial assets in Sydney’s CBD and a majority stake in the NSW meat processor Bindaree Beef Group.
The developer currently has 10 commercial precincts at some stage of construction or development across the country, including four towers at his $3.4 billion Parramatta Square project in western Sydney, two of which are currently under construction.
Walker is also a keen investor in biotechs, including Next Science, a commercialiser of technology that breaks biofilm and Atomo Diagnostics, provider of a low-cost AIDS testing kit also backed by the Bill and Melinda Gates Foundation.
Perth's biggest industrial landholder and elusive businessman Michael Hodgson has retained his place on this year's list.
Hodgson made his foray into industrial property after forging his wealth in 1989 having sold the family farm, including a 100,000-head livestock empire, for $100 million, as well as a listed wool-buying business.
Debutant Tony Perich and family joins the list following a 16.5 per cent spike in wealth.
Perich holds a significant property portfolio spanning commercial, industrial and retail, including the 132,000sq m Narellan Town Centre in Narellan, which he has held since 1989.
The Perich family also holds a string of diversified investments from fertilisers to gold mining in Malaysia. They also hold a majority stake in listed food manufacturer Freedom Foods.
Take a look at the ten highest ranking property moguls from this year's list.
Tony Perich & family
Chairman, Leppington Pastoral Company
Maurice Alter & family
Founder, Pacific Group
Editor’s note: Maurice Alter passed away in 2018.
Marc Besen & family
Perth's biggest industrial landholder
Betty Klimenko and
Family of Westfield co-founder John Saunders
Executive chairman, Walker Corporation
Principal, Gandel Group
Managing director, Lowy Family Group
Hui Wing Mau
Chairman, Shimao Property Holdings
Managing director, Meriton